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BTC (BTC) Struggles to Find Support Amid Retracement

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BTC (BTC) has been decreasing since reaching a high of $60,200 on April 2.

BTC is expected to find a short-term bottom soon and resume its upward movement.

Weekly BTC Close

After creating a hanging man candlestick the week prior, BTC created a small bullish candlestick this week.

Technical indicators are showing weakness. The MACD has created a lower momentum bar and the RSI is decreasing, nearly crossing below 70. The Stochastic oscillator is decreasing, but has yet to make a bearish cross.

Therefore, while these signals do not confirm a top, they are strong signs that the bullish trend might soon come to an end.

BTC Weekly Close
BTC Chart By TradingView

Will BTC Find Support?

Technical indicators in the daily time-frame are more bullish. 

The RSI has crossed above 50. The Stochastic oscillator is very close to making a bullish cross and could potentially do so today. While the MACD has yet to give a bullish reversal sign, the value remains positive.

BTC has been decreasing since April 2 when it reached a high of $60,200. At the moment, it’s currently trying to find support.

Daily Movement
Chart By TradingView

The six-hour chart shows that the bounce from the 0.382 Fib retracement level was weak. 

Both the RSI and MACD are decreasing. 

Therefore, it’s possible that a drop to the 0.5 Fib retracement support level at $55,300 occurs before resuming any upward movement.

BTC Six-Hour Movement
Chart By TradingView

Wave Count

The wave count shows that BTC is likely still correcting (highlighted in red) after completing minor sub-wave one.

However, the movement since the aforementioned bounce (green arrow) does not look like the beginning of an impulse. 

Therefore, another eventual low would be likely before the price begins to move upwards.

For the longer-term count, click here.

BTC Corrective Range
Chart By TradingView


BTC is still expected to soon reach a new all-time high. 

However, since it has not yet found support, another short-term low could be reached prior to resuming its upward movement.

For BeInCrypto’s previous BTC (BTC) analysis, click here.

The post BTC (BTC) Struggles to Find Support Amid Retracement appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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